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<br />-45- <br />respect to the continuance, discontinuance, withdrawal, compromise, settlement or other disposal <br />of such action; provided, however, that the Trustee shall not, unless there no longer continues an <br />Event of Default, discontinue, withdraw, compromise or settle, or otherwise dispose of any <br />litigation pending at law or in equity, if at the time there has been filed with it a written request <br />signed by the Owners of a majority in principal amount of the Outstanding Bonds hereunder <br />opposing such discontinuance, withdrawal, compromise, settlement or other disposal of such <br />litigation. <br /> <br />Section 8.04. Limitation on Owner's Right to Sue. No Owner of any Bond issued <br />hereunder shall have the right to institute any suit, action or proceeding at law or in equity, for any <br />remedy under or upon this Indenture, unless (a) such Owner shall have previously given to the <br />Trustee written notice of the occurrence of an Event of Default; (b) the Owners of a majority in <br />aggregate principal amount of all the Bonds then Outstanding shall have made written request <br />upon the Trustee to exercise the powers hereinbefore granted or to institute such action, suit or <br />proceeding in its own name; (c) said Owners shall have tendered to the Trustee indemnity <br />reasonably acceptable to the Trustee against the costs, expenses and liabilities to be incurred in <br />compliance with such request; and (d) the Trustee shall have refused or omitted to comply with <br />such request for a period of sixty (60) days after such written request shall have been received <br />by, and said tender of indemnity shall have been made to, the Trustee. <br /> <br />Such notification, request, tender of indemnity and refusal or omission are hereby <br />declared, in every case, to be conditions precedent to the exercise by any Owner of any remedy <br />hereunder; it being understood and intended that no one or more Owners shall have any right in <br />any manner whatever by his or their action to enforce any right under this Indenture, except in the <br />manner herein provided, and that all proceedings at law or in equity to enforce any provision of <br />this Indenture shall be instituted, had and maintained in the manner herein provided and for the <br />equal benefit of all Owners of the Outstanding Bonds. <br /> <br />The right of any Owner of any Bond to receive payment of the principal of and interest on <br />such Bond as herein provided, shall not be impaired or affected without the written consent of <br />such Owner, notwithstanding the foregoing provisions of this Section or any other provision of this <br />Indenture. <br /> <br />Section 8.05. Non-Waiver. Nothing in this Article VIII or in any other provision of this <br />Indenture or in the Bonds, shall affect or impair the obligation of the Successor Agency, which is <br />absolute and unconditional, to pay from the Tax Revenues and other amounts pledged hereunder, <br />the principal of and interest on the Bonds to the respective Owners on the respective Interest <br />Payment Dates, as herein provided, or affect or impair the right of action, which is also absolute <br />and unconditional, of the Owners or the Trustee to institute suit to enforce such payment by virtue <br />of the contract embodied in the Bonds. <br /> <br />A waiver of any default by any Owner or the Trustee shall not affect any subsequent <br />default or impair any rights or remedies on the subsequent default. No delay or omission of any <br />Owner to exercise any right or power accruing upon any default shall impair any such right or <br />power or shall be construed to be a waiver of any such default or an acquiescence therein, and <br />every power and remedy conferred upon the Owners and the Trustee by the Law or by this Article <br />VIII may be enforced and exercised from time to time and as often as shall be deemed expedient <br />by the Owners and the Trustee. <br /> <br />If a suit, action or proceeding to enforce any right or exercise any remedy shall be <br />abandoned or determined adversely to the Owners or the Trustee, the Successor Agency, the <br />471